Rich Paul
Rich Paulis an American sports agent based in Cleveland, Ohio. He founded Klutch Sports Group which represents a number of prominent NBA players. Paul was named by Forbes as one of the world's most powerful sports agents.
Early life
Paul grew up in a one-bedroom apartment above his father's store, R & J Confectionery, on East 125th and Arlington in Glenville, a neighborhood on the east side of Cleveland. His father enrolled him in the private, fee-paying Benedictine, a Roman Catholic high school. His father died of cancer in 1999.
After graduating from high school, Paul was mentored by Distant Replays owner Andy Hyman on selling vintage jerseys. He would buy throwback jerseys from Atlanta and sell them out of his trunk in Cleveland. In 2002, he met LeBron James at the Akron–Canton Airport, where James was impressed by Paul's authentic Warren Moon throwback jersey. The two exchanged contact information, and soon Paul had sold James a Magic Johnson Lakers jersey and a Joe Namath Rams jersey.
Career
In 2003, after the NBA draft, Paul joined James as a part of his small inner circle, along with James' childhood friends Maverick Carter and Randy Mims. He would later start working under Leon Rose, who had negotiated James' extension with the Cavaliers in 2006, at Creative Artists Agency. In 2012, Paul, along with James, left Rose and CAA to start his own agency, Klutch Sports Group. In 2013, Paul enlisted noted long-time agent and attorney Mark Termini to run the NBA contract negotiations for Klutch. By the conclusion of their agreement in 2020, Termini negotiated $1.4 billion in NBA contracts for Klutch Sports clients from 2014 through 2019. By 2019, Klutch had a roster of 25 clients and brokered over $1 billion in contracts. Later that year, United Talent Agency (UTA) made a strategic investment in Klutch Sports Group and asked Paul to run its sports division where he expanded the division's clients from 4 to 23. In 2020, he accepted a position on UTA's board of directors.
In August 2019, the National Collegiate Athletic Association (NCAA) changed its regulations for agents, requiring them to hold a bachelor's degree. Called the "Rich Paul Rule" by the media, it was widely seen as a swipe at Paul for having not graduated from college and for working with a high school prospect Darius Bazley who decided to work as an intern for New Balance rather than attend Syracuse. Paul argued in an op-ed in The Athletic that the rule would prevent people from less prestigious backgrounds, people of color, and those without the funds to attend college from working as agents in the future so NCAA executives could have more control. The NCAA later backed down from the regulation change.
In 2020, Paul launched "Klutch Conversations" during the NBA All-Star Weekend with SocialWorks and General Mills to encourage financial literacy among young people.
In August 2021, Rich Paul was reportedly being sued by Nerlens Noel on the grounds of a breach of fiduciary duty, breach of contract, and negligence for his role in turning down a $70 million contract offer from the Dallas Mavericks in the offseason preceding the 2017–18 season.
